Ethereum Price Prediction: ETH Tests Key Support as Long-Term Holder Sells $23M
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Ethereum is in a short-term bearish correction, trading around $2,040 and testing critical support at $2,020–$2,030 after rejection from $2,350–$2,400; lower highs signal distribution. Elevated open interest points to active crypto derivatives trading but raises sudden liquidation risk; a long-term holder sold roughly $23M in ETH, increasing selling pressure and denting investor conviction. Market impact: heightened short-term downside risk for ETH price and potential volatility for DeFi and CEX activity; watch support and liquidation levels closely.
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- Ethereum struggles near $2,020 support as lower highs signal ongoing short-term weakness.
- Elevated open interest shows active trading, but sudden liquidations remain a risk.
- Whale selling above $23M adds pressure, highlighting cautious investor sentiment shifts.
Ethereum is approaching a critical inflection point as price action weakens near key support levels, while on-chain data reveals shifting investor behavior. Recent trading shows a clear rejection from the $2,350–$2,400 range, pushing ETH into a corrective phase around $2,040.
Market Structure Signals Weakness
Price structure now reflects a short-term bearish trend. Lower highs continue to form after the recent peak, signaling distribution. Besides, weak recovery attempts indicate that buyers lack conviction at current levels.
The $2,020–$2,030 zone now acts as immediate support. This level aligns…
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Coins
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+0.18%Predictions Markets
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